The fluorescence of antioxidant additives in lubricant oil was used as an indicator of oxidative stability of the oil. It was found that the decrease in fluorescence intensities of phenyl--napthylamine, its dimer, and another unidentified antioxidant coincide with the formation of decomposition products of the oil base stock. Simple kinetic models were developed that were capable of describing antioxidant reactions as a pseudo first-order processes. It is shown that fluorescence excitation emission matrix (EEM) spectroscopy coupled with an optical fiber probe can provide real-time assessment of the oxidative stability of the lubricant. Parallel factor (PARAFAC) analysis was used to correlate the component scores to the oil breakdown number.